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Credit crisis due to subprime mortgages and foreclosures could last 2 years

(EMAILWIRE.COM, June 05, 2008 ) SACRAMENTO, CA – The current housing crisis in the United States has resulted in greater difficulties for borrowers who want to borrow money from mortgage lender to buy a home. Gone are the days when homeowners could sell a home fast and buyers could easily get a mortgage loan.

On Wednesday at the Securities Industry and Financial Markets Association (see conference Jack Malvey of Lehman Brothers Holdings, Inc. commented, “We’re going through a tough spell with regard to credit…The subprime debacle…will be followed by years of tight credit.”

Malvey blamed excesses in so-called structured finance and collateralized debt obligations, essentially securities created by pooling mortgages together to create bond-type investments, for the crisis. He predicted that the overall market would be healthier after two years or so, but for the country the wait could feel like a long time.

Residential real estate sellers and buyers are likely the ones to feel the brunt of the pain in addition to Wall Street’s financial firms, many of who have seen their stock prices slide during the past year.

One company that helps homeowners and homebuyers buy and sell homes,, reports that their activities are way up. “We counsel home sellers and buyers about their realistic options in today’s market. We provide the option of selling a house quickly and directly to a nationwide network of investors, but many people don’t have enough equity left in their homes to qualify for an investor purchase. For these folks the counseling process explores their other options including short-sales and ways for them to talk to their lender about loan modifications,” said company president Patrick McGilvray.

The other main thing McGilvray said his company does is help people looking to buy a home find ways to buy a foreclosure home either from an investor or via a bank or other lender after the house has been foreclosed on. These houses are also known as REO homes, and for the pre-qualified buyer, they can represent a tremendous deal.
Patrick McGilvray
patrick @

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